Wexford CU on hand to help families manage the costs of 3rd Level education
IN 2016, many families will see their child or children off to college for the first time, others will see their children return. For these families, this can be an extremely stressful time, as the cost of third level education continues to spiral, having a huge impact on family budgets and household spending. Wexford Credit Union would like to remind their members that the credit union is here to help families in the Wexford Area cover these costs by providing a student loan offer.
According to 2015 ILCU research in the Republic of Ireland, 94% of parents were supporting their children financially through college, up from 74% in 2014. These parents were contributing an average of €453 per child per month to cover college related expenses. 72% of parents supporting their children through 3rd level education were struggling to cover these costs with 59% of parents getting into debt to cover college costs. In 2015 €5,030 was the average debt per child per annum and parents were saving for an average of 8 years to put their child (children) through college.
David Maguire Loan Officers said: “The significant cost of third level education puts phenomenal pressure on both parents and students starting or returning to 3rdlevel education this year. The student registration fee combined with monthly rent and bills, books and materials, food and day to day expenses are a significant financial burden to many families.”
Brigitte McLaughlin Loans Officer said: “We are keenly aware of the huge financial burden which 3rd level education places on students and their families. Wexford Credit Union is available to support both parents and students as they prepare for the academic year. We offer a very competitive student and education loan but more importantly there are no hidden fees or early repayment penalties therefore if the student finds work and wants to pay the loan off quicker or completely they will not be charged for it and in effect will pay less interest. We encourage anyone who is looking to finance their education or who simply want some advice on planning ahead or budgeting to call into their local credit union and speak to a member of staff. Planning ahead where possible is the best way to prepare for these expenses.”